Seeking consistency

This is a discussion on Seeking consistency within the Trading Journals forums, part of the Reception category; Originally Posted by Leia
Stop hit - trade close for NIL (BE)
New Order placed, same initial entry and stop
...

my daily trend is long, but price is well below both moving averages and the 20ema has turned down, in time to cross the 50sma

my 4H trend is definitely short

However Fridays daily candle is of a 'hammer' type formation at previous support and could well indicate an over stretched market, offering a counter trend long trade back up to the moving averages and the previous support / resistance around the big 1.60 00 level

The range of Fridays candle is too large for me to risk, so I have placed a long order about half way back into Fridays range, with a stop below.
Entry 1.57 85, stop 1.57 30 (risk =55pips) target 1.60 00 (reward 215 pips) R=4

As always, should the order be met and price move in my favour, I will move my stop to break even at R1 (1.58 40)

USD CHF has just reached weekly resistance levels at 2012 highs (set in January)
This also coincides with a 50 to 61.8% retracement on the last monthly down swing

It is a counter trend trade, as both my daily and 4 hourly trends are strong in the long direction

However I see potential for the over stretched market (price is a long distance fro its daily moving averages) to retrace from this very significant level

The 1H and 4H charts indicate short term rejection of higher prices and daily and 4H charts indicate a potential target zone with an attractive 'R'

I have placed a n order at todays lows, short to 61.8% retrace of the recent string daily up move, which is also the resistance last month (Aprils Highs)
Entry 0.95 30, stop 0.96 00 (R -70pips), target 0.92 50 (reward +280) R=4

I'm intrigued to see if this multi time period screen shot post legibly

Although my daily trend is up, the 20ema is turning down and the last two daily candles have decidedly bearish traits
My 4H chart is indicating short (per the moving averages) and has printed a 'shooting star' type of formation indicating rejection of higher prices

I have placed an order at the 50% re-tracement of this 4hour candle to reduce my risk to 35pips and see a lot of space below to potential daily support (previous resistance) at 1.00 50 (a risk reward of over 4 times, should the trade plan work out)

The 4 hour time-frame 'trigger' chart is top left of my screen shot. the daily time-frame is top right, showing the 'space' price has to move down into
for reference I also show the weekly (bottom left) and monthly (bottom right) timescale studies, with obvious support and resistance levels marked (not that they have been used in any of the trade plan assessment described above)